Revamp Your Business Model by Digital Transformation
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Enterprises are prioritizing investments towards digital transformation to reinvent what they do and how they operate. Fortunately, revamping operations and adopting new ways of working is possible for even the smallest of companies.
Though Amazon began as an online bookseller, it has evolved into the world’s largest marketplace. Uber is now valued at more than $50 billion. Clearly, consumers want intuitive, fast and empowering experiences. This is why digital transformation is not just a big business mandate. Indeed, smaller businesses can take inspiration from the transformation journeys of their larger peers to build a roadmap for their own organization. Below are some best practices we apply to our digital transformation engagements that are equally deployable for businesses of any size.
Take ‘Digital’ Out of Transformation
Digital competency is required for any business to address new challenges. However, at Wipro, we consistently tell clients not to fixate on the ‘digital’ component. The true
of working, company culture and operations. Using data to drive decisions is a hallmark of a transformed business. Between the analytics generated by website clicks and social media interactions, the smallest of businesses can find ways to leverage data for insights into improving customer experience. In a digitised economy, the new currency is data that should be mined for all its worth.
Understand Your Customers & Their Journey
Some knowledge can be unlocked by using data businesses already have, such as website, social media and email marketing analytics. To capture additional customer insights, companies may explore new methods and platforms such as loyalty programs or partnerships. Whatever tools are used, gaining more customer insights can help build more targeted experiences.
Develop a Strategy and Drive Alignment
Digital transformation requires alignment across leadership, strategy, technology, culture, and talent. If companies don’t mandate a strategy, having the best technology won’t help. Given today’s dynamic marketplace, businesses need to keep evolving, challenging the status quo and continuously iterating in the service of delivering utmost value to customers.
(This article was first published in the October 2019 issue of Entrepreneur Magazine. To subscribe, click here)